Financials & FinTech, EM & Southern Europe, Galliano's Latin Notes

Victor Galliano

Victor Galliano is an experienced equity banks analyst, having covered Latin America banks and non-bank financials for over 12 years, as well as more recently covering the Italian banks. He has worked in sell side equity research for 30 years in a career spanning Barclays, HSBC, BBVA LatInvest, Barings and NatWest.
The focus of the Galliano's Latin Notes Ltd product is to seek out mis-pricings in the market, on a bottom up basis and focused on long and short calls, in the LatAm and Southern European financials space. In addition, the product explores thematic research opportunities in the banking sector, including FinTech.
The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. The aim is to develop more of a contrarian approach to investment research, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of Gordon's Growth Model (GGM) and Sum of the Parts (SOTP) valuation.

Financials & FinTech, EM & Southern Europe

SoftBank Group (9984 JP): More Downside Risk to the NAV than Upside Potential

SoftBank Group (9984 JP): Results Preview, Key Topics

Softbank (9984 JP): WeWork Hangover and Other Challenges

SoftBank Group (9984 JP); Arm IPO, Priced for Disappointment

Last Week In Event SPACE: JSR, Intouch/Thaksin, Softbank/ARM, M&A Research, Premier

ECM Weekly (17th Sep 2023) - ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent

Robosense Technology Pre-IPO - The Positives - A Whole Lot of Potential

REPT BATTERO Energy Pre-IPO - The Positives - Has Scaled Rapidly

Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Galliano's Latin Notes

The focus of the Galliano's Latin Notes Ltd product is to seek out mis-pricings in the market, on a bottom up basis and focused on long and short calls, in the LatAm and Southern European financials space. In addition, the product explores thematic research opportunities in the banking sector, including FinTech. The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. The aim is to develop more of a contrarian approach to investment research, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of Gordon's Growth Model (GGM) and Sum of the Parts (SOTP) valuation.

Equity Capital Markets

<ul>
<li>Softbank’s successful Arm Holdings IPO is a relief for Masa, with Arm valued at USD57bn and Arm shares trading above the issue price; this supports the SoftBank share price</li>
<li>Arm’s key challenge is delivering on the growth strategy to justify its super-premium valuation; Arm’s historic price to sales is at a big premium to its peer group, excluding Nvida</li>
<li>On current market values including Arm, Softbank shares trade at a 52% NAV discount; however, Arm’s current valuation seems unsustainable to us, threatening to erode the near term NAV lift</li>
</ul>


Softbank’s successful Arm Holdings IPO is a relief for Masa, with Arm valued at USD57bn and Arm shares trading above the issue price; this supports the SoftBank share price
Arm’s key challenge is delivering on the growth strategy to justify its super-premium valuation; Arm’s historic price to sales is at a big premium to its peer group, excluding Nvida
On current market values including Arm, Softbank shares trade at a 52% NAV discount; however, Arm’s current valuation seems unsustainable to us, threatening to erode the near term NAV lift


Softbank (9984 JP): Arm IPO Done, the Hard Part Comes Next

Softbank Group

Softbank (9984 JP): Arm IPO Done, the Hard Part Comes Next